PayScale Invites Businesses to Take the PayScale Challenge and Compete for Talent More Effectively

Now employers can quickly and easily price salaries using real-time data, a revolutionary approach to the outdated model of benchmarking compensation with surveys

Seattle - August 1, 2013 - Today PayScale, the leading cloud compensation company, announced thePayScale Challenge. The new program invites businesses across all industries to access PayScale's massive database of 40 million compensation profiles free of charge, allowing them to more accurately price salaries in today's volatile economy. The PayScale Challenge is designed to help employers find their "purple squirrel," otherwise known in talent management circles as an 'elusive and perfect candidate with all the attributes you desire.'

"Increasingly, companies realize they need to get smart about compensation to be competitive in the current market," said Tim Low, Vice President of Marketing at PayScale. "That means understanding the specific attributes that drive pay for key positions in order to attract and retain the right talent to drive their businesses forward."

Many organizations spend between 30 and 50 percent of revenues each year on compensation, often representing their single largest business expense. Getting compensation right is crucial to ensure companies have more control over the bottom line, maintain a competitive market position, and cultivate employee engagement.

The PayScale Challenge gives companies faster access to more accurate compensation insights than information provided by annual salary surveys from consulting firms. These survey results are sold to participating companies up to one year after they were collected, rendering the data obsolete in today's dynamic business environment. PayScale is a disruptive force in this market because its technology solution uses the power of big data and cloud software to deliver highly specific salary matches for the open positions companies are most eager to fill.

How to Take the PayScale Challenge

Employers can take the PayScale Challenge by following these three steps:

Create a description of your 'purple squirrel'

Use PayScale's database to price the purple squirrel's salary by matching the position with key compensation drivers from its database; generate a salary report

"We're launching the PayScale Challenge to let businesses know there's a better and faster way to get pay right. PayScale provides very specific salary insights in real-time to help employers attract even the most elusive purple squirrel," said Low. "The talent market is constantly evolving, so it's more important than ever to make intelligent decisions about compensation to ensure you are prepared to compete in today's economy."

Creator of the largest database of individual compensation profiles in the world, PayScale provides an immediate snapshot of market salaries to employees and employers through its online tools and software. PayScale’s products are powered by innovative algorithms that acquire, analyze, and aggregate compensation information for millions of individuals in real time. Publisher of the quarterlyPayScale Index and the PayScale Compensation Best Practices Report, PayScale's cloud compensation software is used by more than 2,500 customers including Mozilla, Tully’s Coffee, Clemson University, and the United States Postal Service. For more information, please visit: http://www.PayScale.com or follow PayScale on Twitter: http://twitter.com/payscale and Facebook: http://www.facebook.com/PayScale.